Barwa Developments Company announced signing a contract with MRB to provide management and operation services for its leading project “Central Mall El Shorouk”, as part of the company’s plan to enhance the investment value of its projects, and due to this contract the company will support the project’s competitive advantages and ensure investment quality that achieves the highest return on investment for its clients.
For his part, Ahmed Rageh, Barwa Developments Chairman, assured that Central Mall is located on an area of 3,000 square meters in the heart of El Shorouk City, close to Sakan Misr and Dar Misr projects, as well as the Bank Complex, which makes its location in the core of a vital area with a high population density, requiring more diverse services, as the project is a commercial, administrative, and entertainment.
He added that the contract with MRB is part of the company’s plan to collaborate with strong entities with a distinguished track record to ensure the implementation of a model project that integrates all the elements of success, besides management has become a key component of any project’s success, regardless of its activity, especially multi-use projects due to their diverse details and internal activities.
He revealed the most prominent features of the company’s expansion plan for the coming period, which targets an expansion within new projects in the Administrative Capital and New Cairo, in addition the company will announce all details relating to its latest projects in the Administrative Capital soon.
Abdel Fattah Farahat, Barwa Developments CEO, said that El Shorouk City is one of the most prominent new cities, distinguished by its unique strategic location on Cairo-Suez Road and Cairo-Ismailia Road, and its proximity to the New Administrative Capital, which gives it an increasing importance as a residential and investment destination, and that’s why Barwa chose it to operate there.
He explained that Barwa Developments is present in the Egyptian market since 15 years, and during that period has successfully implemented more than 150 separate projects that completely meet the clients aspirations, through its related company Al Rajhi Urban Development.
He showed that Barwa Developments Company is specialized in implementing mixed-use projects, which givies it a competitive advantage in its comprehensive understanding of the details and requirements of these projects, in addition to its strong experience in understanding clients requirements in these projects and providing a real estate product appropriate to the targeted client.
He added that the company owns four commercial malls in El Shorouk City, including Hub 5 Mall, Barwa Mall, Central Mall, and Center Point, and some of which are still under construction, in addition to numerous residential projects in El Shorouk City.
Amr Attia, Barwa Head of the Commercial Sector, explained that Central Mall is located in a promising and vital location in Shorouk City, consists of two floors; a basement and three floors dedicated to commercial, medical, and administrative activities, and includes areas starting from 25 meters, noting that the total sales area of the project amounts to 6,000 square meters, and that the project is planned to start delivery within three years.
He noted that the first phase of the project has been completely sold out, and the second phase is currently being offered, including a variety of units, including commercial, administrative, and medical, with flexible and competitive prices and payment plans.
Dr. Mohammed Rashid, MRB Chairman, stated that his company’s philosophy based on collaborating with developers who seek to deliver real value to investor and client through professional management, which Barwa Developments offers besides its plan to implement a project that seeks to preserve through the distinguished management provided by MRB.
He pointed that his company’s role is to review designs, provide operational consultations, and work to increase investment returns and reduce operating costs, while preserving the building’s operational lifespan, noting that his company operates according to 3 pillars which are: understanding the market, creating a product that serves both the developer and the consumer, and providing professional operations that achieve sustainability.
He added that his company gains great experience in more than 90 projects nationwide, including 60 projects in the Administrative Capital and 20 projects in the Fifth Settlement, with a large number of them already operational, explaining that MRB is the first company in the real estate market to get developers aware with the importance of management and operating companies at the appropriate time during the project’s lifespan, and not just after its delivery.
